New PNB scheme for exporters

KOLKATA: Based on the scheme drawn by Reserve Bank of India, Punjab National Bank on Thursday said it has come out with PNB Expo Gold Card for its exporter clients.

The scheme proposes to ensure easy availability of export credit on best terms to exporters with good track record.

Under the scheme, the bank will offer various additional benefits to the gold card holders, a PNB spokesperson said.

The card, to be issued for three years, would be renewed automatically for a further period of three years unless there were adverse features in the account.

Apart from relaxation in interest rates up to 0.25 per cent on rupee-export credit, the concessional rate of interest, applicable up to 90 days on post-shipment rupee-export credit, would also be extended to 365 days, a bank statement said.

The bank will also offer discount of 10 per cent in charges and fee structure for various services apart from providing export credit in foreign currency on priority basis at LIBOR+ 0.75 per cent with service charges at the flat rate of 0.1 per cent for each disbursement.

PNB would also consider providing foreign current term loans to these exporters on priority basis, he said.